SpaceX shares slide roughly 12% on AI spending worries
SpaceX shares fell roughly 12% on August 5 (local time), slipping back below their $135 IPO price — even as Q2 revenue jumped 92% year-over-year, AI-related capex alone hit $15.8B (total capex $18.4B), raising investor doubts about how long Starlink's profits can keep funding the spending. The slide lands just a day before SpaceX's $101B share unlock on August 6, adding to volatility concerns.
A day after Bloomberg flagged the looming August 6 unlock, Reuters confirmed how the stock actually traded — SpaceX closed down roughly 12% on August 5, slipping back below its $135 IPO price from June 12.
The drop traces to the spending pace revealed in Q2 earnings. In its first quarterly report as a public company, SpaceX said revenue rose 92% year-over-year and AI-related revenue more than tripled, but disclosed $15.8B in AI capex alone and $18.4B in total capex for the quarter — roughly a fifth of the $85.7B it raised in its June IPO. The company remains deeply free-cash-flow negative.
"With capex expected to remain elevated and investor enthusiasm cooling, the stock could remain under pressure ahead of the lock-up expiration," said ActivTrades analyst Carolane de Palmas, adding that could "translate into significant volatility as markets reassess SpaceX's valuation and cash-burn trajectory."
On August 6, about 911.5 million pre-IPO shares (worth roughly $101 billion) become tradable for the first time — with 35% of currently tradable shares already sold short, the earnings-driven selloff could compound near-term volatility. Tesla holds a sizable SpaceX stake, so how the stock trades has some bearing on that stake's carrying value.
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